1. Field of the Invention
The present invention relates to a system and method for managing and processing stored-value debit, check card, signature debit, PIN based card or automatic teller machine (ATM) cards and bill payment from a variety of access points using this system and method. This invention is targeted to both the banked and un-banked community of consumers.
2. Background Information
There are approximately forty million un-banked consumers in the United States plus millions more banked consumers. These un-banked and similarly many banked consumers are individuals that have chosen not to use the traditional bank facilities, such as checking and savings accounts, for a variety of personal reasons ranging from legal documentation requirements to credit problems to aversion of paying fees for these services. Generally when one of these consumers receives his or her salary, he or she typically proceeds to a check cashing retail outlet to cash the check. In such a situation, the consumer pays a check cashing fee and receives the balance in cash. From this cash, all disbursements for living expenses and bills are made.
By choosing not to use banking services, the un-banked consumer limits his or her options for bill payment. Many un-banked consumers desire a method whereby they can exercise their right to not use a traditional banking facility, but maintain the convenience of such a service. There is a current need for technology to eliminate the lost time and inconvenience to these consumers. The present invention solves this problem. The present invention relates to a system and method for managing and processing stored-value debit, check card, signature debit, PIN based card or ATM cards and bill payment using this system and method along with these cards from a variety of access points, such as an Interactive Voice Response (IVR) system, counter payment at a retail location by a terminal or Internet, a kiosk, or ATM.
Stored-value cards are known in the art and can be issued without the formal opening of a bank account. The card can be a debit card that is usable at ATMs as well as retail point of sale purchases using a personal identification number (PIN) or signature. The card can also be an ATM card that is usable to withdraw cash from automatic teller machines worldwide.